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According to expert opinion – however, you are advised to consult a CPA on this matter. Under the Treaty between UK and USA the “Pensions Article” 17.1, Sub-paragraph (b), determines the tax treatment of pension distributions. Article 1.4 (the Savings Clause) – which might otherwise cause US citizens to be assessed for tax on the… continue reading »

The controversial US Foreign Account Tax Compliance Act (FATCA) was introduced around the world on the 1st July 2014. As part of the Act’s “withholding stage”, all foreign financial institutions (FFIs) will now have to disclose all US related information about new and existing clients to the US Internal Revenue Service (IRS). In the event that… continue reading »

In what was described in the papers as “revolutionary” for pensions, the budget did little for pensioners in final salary schemes. But, for those in “money purchase” or “defined contribution” schemes, for example those holding pensions with Aviva and Prudential, they will have much more control over their savings from now on. Osbourne has taken… continue reading »

The personal allowance will be raised from £10,000 to £10,500. This is the amount you can take as an annual income before you get taxed. The 40% income tax threshold will rise from £41,450 to £41,865 on April 6th 2014 and jump another 1% to £42,285 in 2015. 25% lump sum remains in tact, but… continue reading »